Will You Be Getting a $1,400 Check? What to Know About the 3rd Stimulus Check
President Joe Biden has a $1.9 trillion coronavirus relief plan that could provide most Americans with $1,400 checks. Here's what you need to know.
President Joe Biden has a $1.9 trillion coronavirus relief plan that could provide most Americans with $1,400 checks. Included in Biden's relief plan are three pillars: $1 trillion to assists individuals and families in need of financial support, $400 billion for increasing vaccine capabilities and slowing the spread of COVID-19, and $440 billion emergency funds for cash-poor small businesses and communities.
But, analysts say, it could take months before anyone sees the money.
Biden's package called the American Rescue Plan is being challenged by Republican lawmakers who have issued a counter-proposal that would make the checks $1,000 per adult and also lower the income threshold, CBS News reported.
The additional stimulus package will ultimately help mend the country that is suffering from 10 million fewer jobs than before the pandemic, economists told CBS News.
Under Biden's current proposal, individuals qualify if they earn $75,000 or under, and for couples earning less than $150,000 annually, according to the Washington Post.
But while Biden has expressed willingness to negotiate, White House spokeswoman Jen Psaki said during a Tuesday press briefing that the president is hesitant to limit the income thresholds on the payments by too much.
She said, "Biden believes a nurse and a teacher jointly earning $120,000 a year in Biden’s hometown of Scranton, Pennsylvania still should get a check.”
With Republican lawmaker's counter-proposal, only single people who earn $40,000 or less and married couples with an income up to $80,000 annually would qualify, Fortune reported. Here are some other questions you may have, answered.
What Is Taking Issuing Stimulus Checks So Long?
The question stands as to whether Republican lawmakers will support the package or if the Biden administration would have to divide the spending proposals into two bills, analysts told CBS.
Janet Yellen, Biden's Treasury secretary, said during Congressional testimony last month that the president's administration would be determined to pass its nearly $2 trillion relief plan.
When Should Americans Expect the $1,400 Checks?
Payments are expected to trickle in by mid-to-late March, according to Democrat majority leader Chuck Schumer's timeline, cited by CBS News. There is an 85% change a scaled-down package will be approved in the first three months of 2021, predicts Heights Securities analyst Hunter Hammond.
Once the relief bill passes in Congress, the president must first sign off on it. Then, the IRS would allocate the funds through direct deposit, mailed checks and prepaid debit cards.
If passed at the end of March, eligible adults will receive their first payments by April.
The first stimulus payment in April 2020 provided $1,200 to eligible adults and $500 per child. At that time, it took weeks or months for payments to be received.
The second round of checks, $600 to eligible recipients for both adult and child, took about a week to arrive in people's wallets.
Biden directed the Department of Treasury on Jan. 22 to "streamline" the delivery of stimulus checks for individuals who did not receive their previous payments, CBS reported.
Who Supports It? Who Doesn't?
Right now, at least 10 Republican Senators support the package as well as all 50 Democratic Senators.
This would allow for 60 votes in the Senate to "overcome possible filibuster" and ultimately pass the bill, according to analysts.
What if the Biden Administration Can't Get GOP Support?
In a worst-case scenario, where the Biden administration does not garner enough Republican support, the package can still be passed under a process known as "budget reconciliation."
Biden hopes to expand the payments to adult dependents who were exempt from the first two rounds of checks. This would include college students, disabled adults and high-school-aged children who are 17 or 18.
With GOP approval, the number of households and individuals who qualify would be cut dramatically.
The additional stimulus funds "will be essential to the financial stability of many Americans, including those who appear to be higher earners," Colleen McCreary, chief people officer at Credit Karma, told CBS MoneyWatch. "As the pandemic drags on, Americans are continuing to feel the financial crunch."
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